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CBN Establishes Compliance Department to Tackle Financial Crimes and ESG Risks
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55 days agoThe Central Bank of Nigeria (CBN) has announced the creation of a Compliance Department as part of efforts to strengthen oversight of financial crimes, regulatory breaches, and environmental, social, and governance (ESG) risks within the financial sector.
According to the apex bank, the new department will be responsible for ensuring strict adherence to financial regulations, monitoring institutions for possible infractions, and enforcing compliance measures across the banking industry.
The initiative is aimed at enhancing transparency, curbing illicit financial flows, and aligning Nigeria’s financial system with global best practices on ESG standards.
The CBN explained that the Compliance Department will work closely with law enforcement agencies, regulatory bodies, and financial institutions to detect, investigate, and address issues relating to money laundering, fraud, and other financial crimes.
Stakeholders in the financial services sector have welcomed the move, describing it as a timely intervention that will not only safeguard Nigeria’s financial system but also attract more investor confidence.
The apex bank emphasized that the new department is expected to play a strategic role in promoting accountability, protecting consumers, and ensuring sustainable financial practices in line with Nigeria’s economic growth agenda.